Yes, Scott, good point. You may get through if they don't check too thoroughly.

Just take a LOC out on the PPOR with CBA.Use the LOC to pay for the deposit and costs of the new property and borrow the rest from another bank.

Dabawhat does your option agreement say? And what did your lawyer say? The wording of your agreement will tell you what you have to do.I think assignment means the transferring of the rights associated with the agreement. Nomination means to appoint.If you assign an option agreement you would probably receive the fee upfront. The assignee would…[Read more]

Bankwest used to be good for major franchises too.

Technicallly yes that is the case, but you know banks. If it is the same person behind the scenes they treat it the same. I had a client doing this a few years ago and they ended up buying in a brother's name.

Matt, they still would class that as owner builder

You need to get a bit creative. Make it work in your favour.

Just upsell, 'would you like a loan with that?'

Generally can't use two lenders if you only have one security.

Oh, you meant 'having' not halving.There may be some advantages in having the unit trust – but I think nothing major.

what do you mean by halving the unit trust?

Why not just have the company then. that would be safer too. Just allocate shares to be held by each family trust. One major downside, however is that companies don't get the 50% CGT reduction whereas trusts do. But if you are having a company as owner then the CGT won't be available to the unit trust as shareholder – or maybe you mean the company…[Read more]

I think the life of most fittings is only around  5 years, so there may not be much available there, but what about the building value too?

Thanks Banker.There is no legal requirement, that I know of, for a trustee to notify a third party of their capacity as trustee – so the loan, from a legal POV could be in the trustee's name, and this shouldn't cause any problems. I was just wondering how banks view this sort of thing. In most cases they probably would not know a trust was…[Read more]

Banker, do you know if there is a requirement to inform the bank that the trustee is acting in the capacity of trustee. Could you just leave out the fact that a trust is involved? (there may be a requirement under the new AML act).

If he is coming to see you, then he is probably a 'vanilla' person – a mobile manager

will save you more than 0.2% in hassle later on.

NAB are a bit difficult too. My manager can't do them, company loans have to go to the commercial guys. Same with Westpac, no idea with CBA sorry, but it is worth a shot.

In the good old days it wasn't a problem. These days it seems most loans in company names go to the commercial section – not sure on the consequences for rates, but they generally are more picky about what information they require.

changing trustees will be painful.It is much easier to have a company as trustee. then you will just need to change directors if you need to change control. No need for title changes etc.